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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
OPERATING ACTIVITIES      
Net income $ 186,274,000 $ 157,638,000 $ 108,391,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 153,638,000 127,099,000 116,359,000
Stock-based compensation expense 8,292,000 7,511,000 6,579,000
Gain on sales of real estate investments (40,999,000) (38,859,000) (13,145,000)
Gain on casualties and involuntary conversion on real estate assets 0 0 (161,000)
Changes in operating assets and liabilities:      
Accrued income and other assets (9,291,000) (11,572,000) (4,615,000)
Accounts payable, accrued expenses and prepaid rent 17,176,000 13,298,000 (18,851,000)
Other                                                                                                     1,411,000 1,377,000 1,728,000
NET CASH PROVIDED BY OPERATING ACTIVITIES 316,501,000 256,492,000 196,285,000
INVESTING ACTIVITIES      
Development and value-add properties (494,073,000) (418,855,000) (195,446,000)
Purchases of real estate (2,049,000) (108,149,000) (49,199,000)
Real estate improvements (40,851,000) (36,665,000) (33,131,000)
Net proceeds from sales of real estate investments 51,006,000 44,260,000 21,565,000
Leasing commissions (37,272,000) (33,301,000) (17,516,000)
Proceeds from casualties and involuntary conversion on real estate assets 0 0 242,000
Repayments on mortgage loans receivable 0 0 1,679,000
Changes in accrued development costs 4,211,000 21,678,000 (5,339,000)
Changes in other assets and other liabilities (2,120,000) 1,769,000 (11,111,000)
NET CASH USED IN INVESTING ACTIVITIES (521,148,000) (529,263,000) (288,256,000)
FINANCING ACTIVITIES      
Proceeds from unsecured bank credit facilities 942,173,000 625,520,000 625,387,000
Repayments on unsecured bank credit facilities (981,383,000) (541,310,000) (613,097,000)
Proceeds from unsecured debt 525,000,000 175,000,000 275,000,000
Repayments on unsecured debt (75,000,000) (40,000,000) (105,000,000)
Repayments on secured debt (60,096,000) (76,920,000) (54,306,000)
Debt issuance costs (2,067,000) (2,678,000) (1,090,000)
Distributions paid to stockholders (not including dividends accrued) (193,936,000) (131,759,000) (119,765,000)
Proceeds from common stock offerings 75,622,000 273,409,000 91,055,000
Common stock offering related costs (247,000) (312,000) (334,000)
Other                                                                                                     (29,756,000) (3,807,000) (6,082,000)
NET CASH PROVIDED BY FINANCING ACTIVITIES 200,310,000 277,143,000 91,768,000
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (4,337,000) 4,372,000 (203,000)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 4,393,000 21,000 224,000
CASH AND CASH EQUIVALENTS AT END OF YEAR 56,000 4,393,000 21,000
SUPPLEMENTAL CASH FLOW INFORMATION      
Cash paid for interest, net of amount capitalized of $12,393, $9,028, and $9,651 for 2022, 2021, and 2020, respectively 34,110,000 31,658,000 32,362,000
Capitalized interest 12,393,000 9,028,000 9,651,000
Cash paid for operating lease liabilities 1,793,000 1,707,000 1,476,000
Common stock issued in the purchase of real estate 303,682,000 0 0
Debt assumed in the purchase of real estate 60,000,000 0 0
NON-CASH OPERATING ACTIVITY      
Operating lease liabilities arising from obtaining right of use assets $ 559,000 $ 13,056,000 $ 495,000